On the fourth day of Paris, at 22:43 pm, Duanmu's avatar lit up again on MSN.

"Why didn't you go online last night?" Duanmu asked on the other end of MSN, "You can't get the phone through."

"I squatted outside the garbage factory all night last night." Dong Qiangqiang typing on the keyboard, "That place is too biased, and the phone signal is not good."

"How is it? Have you gained something in the past few days?" Duanmu answered immediately after asking, "My progress is going well, but it may take a week to go back."

"On the first day of squatting at the garbage plant, I went in and two out, but didn't look at it at night. The next day, I went in and four out, and I didn't get out of the car or into the car all night. I left at 7:30 tonight and went in and three out. I followed the last garbage truck back to its company, which was not discovered by it."

"Then there are not many cars (times). Are you sure there is only one door in the garbage factory?" Duanmu reminded, "Will you miss the car that walked through the back door?"

"The garbage plant has two doors in front and back, but the back doors are all made of cars," Dong Qiangqiang replied confidently, "I'm afraid there is no car in the world to transport garbage, right? And even if it is a car, I count it. The cars have to drive from the road in front of the garbage plant."

"But Wei Wangdi should be more than this garbage disposal factory, right?" Duanmu said suspiciously.

"Yes, but the most important garbage plant in Paris is the one I sent you, which covers the largest and most famous area. I haven't gone to the other ones yet." Dong Qiangqiang admitted, "What I think is that if there is a problem with the most important (garbage plant), then the other garbage plant will probably have a question mark regardless of whether there are any problems or not. Of course, I will definitely visit its other garbage plant as soon as possible."

"Well, I understand what you mean." Duanmu quickly typed, "Is the garbage truck walking through the door the kind in the photos you sent me?"

"Yes, I've checked it online. I've photographed these days all the garbage trucks from Germany's FAUN company, with a load capacity of 8 tons and a steering shaft, which is suitable for narrow French streets. By the way, those who come in these days all have old cars, no new cars."

"So according to your algorithm," Duanmu concluded, "I haven't dealt with much garbage these days."

"According to the unaudited financial reports of the first four quarters disclosed by the company in 2001 (the 2001 annual report has not been disclosed yet), the total amount of garbage disposal in 2001 has increased significantly compared with 2000, and the profits are considerable. I compared its performance with other garbage listed companies that can be found and found an interesting thing."

"What's the matter?" Duanmu was attracted by Dong Qiangqiang's words.

"Many French companies engaged in garbage disposal have poor performance in 2001. Most of them have declined (performance). They are considered to be good at maintaining their income (companies). Only their revenue and profits have risen instead of falling. In other words, they are the absolute leader and top leader in this industry. If this is the case, then there should be many garbage trucks in daily life. How could there be only a few cars every day? This really doesn't make sense."

"Does time. have something to do with time?" Duanmu said, "the garbage business in the second quarter of each year is less than in other quarters."

"The company's second quarter report of 2001 was higher than that of the first quarter of that year, and Paris is the top five international tourism cities. It has just passed Easter. There are many people and cars and consumption, and the amount of daily household waste should not be less. What's more, there are a lot more people traveling in Paris after 9/11 than in previous years." Dong Qiangqiang recalled Lao Bai's previous analysis and continued to explain, "I also found the per capita domestic waste in major cities in France in 2001 announced by the French Bureau of Statistics. The per capita domestic waste in Paris has been stable at the first place all year round, far higher than the second place Marseille."

"So you suspect the company's financial fraud in 2001 garbage disposal in 2001? Right?"

"First, there are fewer trains (trash transports), and then there is a limited capacity for each train. These are different from the situation it disclosed last year." Dong Qiangqiang took a sip of coffee. "Of course, I know that my observation samples are too few. To put it nicely, it is simple reasoning, and to be ugly, it is subjective conjecture, and it is meaningless to be unprofessional. It is very likely that the wrong conclusions will be drawn."

"So what?" Duanmu asked deliberately.

"So I won't be waiting at the door of this garbage factory in the next few days. I plan to go to its other garbage factory. In addition, I will go to its customers to touch the bottom. I saw that several customers were disclosed in the quarterly report, and I found a few more from the Internet. I also recorded the last one with the car today. I have to run away these two days to see if I am a fool or a mistake."

"Hehe, you're finally on the road." Duanmu praised, "I've really read that right."

Duanmu's praise made Dong Qiangqiang very useful. He said humbly: "I have found several foreign financial websites online, with very detailed due diligence templates and due diligence ideas, which can be downloaded for free. I probably passed it over and I may not use many of the methods in it this time. For example, people say that they can go to the company to check the account book, check the original voucher, check the original contract, or communicate directly with the heads of relevant business departments, etc. I can't do these. However, some of the methods mentioned there overlap with the documents you gave me, so you can learn from them."

"Those standardized due diligence templates are basically prepared for accountants, auditors, credit ratingists or investment banking professionals. The treatment they receive is very different from the treatment they receive when they go to the company, and the information they get is definitely farther away. It is useless for you to copy it." Duanmu sighed in the dialog box.

"I know, but this is not what I worry about."

Duanmu put a question mark under Dong Qiangqiang's words.

"First, even if I can prove that the garbage disposal data this year is problematic, I can't prove that the data last year is problematic. Second, I don't know how it will disclose the garbage disposal data for 2002 next year. Should we only wait for it to disclose the annual report next year before shorting it? But that's not too late? We bet on Black Fort's performance to make a profit this year."

"Don't wait for next year, its second quarter report should be released in early July this year. We can just collect as much evidence as possible about its suspected fraud before it discloses the data. It publishes its second quarter report, and we will issue a short report. You really cannot prove that the company's data last year is a problem, but the current financial market is in a panic, and everyone in listed companies is in danger. There are not a hundred companies targeted because of suspected financial fraud. At this time, the truth is no longer important. What is important is that we can give a substantial question at the right time, which is enough."

"I understand what you said, but the quarterly reports are all unaudited data. The company can make excuses to revise the data we questioned later. What should we do then?" Dong Qiangqiang asked, "Isn't that just a bamboo basket full of vain?"

"As long as our suspicions are reasonable and evidence-based, we will not be afraid that it will not fall." Dong Qiangqiang can feel Duanmu's pride through the computer screen. "We can either short it directly or buy its American put options. As long as its price drops, we can make money. So, Old Dong, you may have a lot of things to do in the next few days. Your idea just now is very good, what if the company revises the data? My idea is that, you will go to Paris tomorrow to buy a camera as high as possible, and then take pictures of data from different garbage plants for a few days. It is probably not enough for you to shoot a week, and you may need to shoot a month or even longer. Once you take these videos, no matter how the company revises it, you will not erase your records."

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Chapter completed!